Shawn Flynn 0:00
Okay, so the companies you've had in the past, you've mentioned you've had several
correct at any time did you have to pivot with any of those companies? And what was the decision to pivot? Why
Jason Nyeh 0:11
definitely pivot is really fundamental in terms of having a startup, especially within the learning curve, and particularly the resources. So in terms of pivoting, it makes sense. Because in terms of team or development, or market research, or even launching your own product into the market, and you have to see how it fits within the users and the clients. And you have to definitely have to pivot to make it work. Sometimes they might be some competitors, or maybe the team might not work. So pivoting is really, really fundamental. And a lot of people don't really realize how important it is
Sergio Smirnoff 0:54
actually, let's go back. So I forgot to really even define what pivot in is Jason, you do you have a good definition of in your mind what it is to pivot? Well, I would say, first of all, it's like, change, adapt. So you learn, you understand what's going on, because you have like, certain kind of like assumptions, and then you realize that the things are not like how you speak, there are going to be, so you need to change. So let's say I go in that direction. That's my long term vision, I'm probably I'm going to keep going in that way. But in that way, that path, maybe I need to change lane. So I pivoted, I like, move myself from the path I was going to, I may might be like, keep going in that way, but in a different way, but not so different. So I'm not changing entirely what I was doing, or that was willing to go but it let's say, change. Yes, it's a good like, so in this change this be okay, what we thought we're going to do for the next month or three months, we're going to do so something completely different? Or could this change be we were going in this direction? Now, we're changing the whole business plan and everything to do this. Are those both possibilities?
Well, I would say that maybe depends on what you learn.
I think that pivot can be like anything, you can change the customer, you can change the target, you can change how you introduce your product, because you realize that the way you are like showing it, you're introducing their product to the customers is not the right way. Maybe you believe you have like a fake a customer field. And it's not. So maybe you just pivot how you say it to a different kind of like people or maybe like a target. That's a very marketing like concept.
So I would say that can be like mostly everything you're in a company from him a big, big point of view, or maybe some small pivots. You're saying maybe the marketing department alone could pivot, but the rest of the company stays the same?
Jason Nyeh 3:05
Well, I believe that, yes, you should have a clear vision of your business. And where is this headed vision is very, very important. Of course, you want to focus within the presence term, but you have to see the future vision. And once you see the future vision, that's why a lot of startups, even companies, they kind of make that mistake and kind of tend to forget about the vision because they're too concentrated within the presence. So you want to make sure that you focus within the future terms of the vision and then while you're pivoting, right, it can be in different perspective of the department. However, division is always clear, you could definitely pivot in terms of the market or even make additions to the product to fit in the niche of the market. So once you pivot in that direction, then makes more sense a lot more clientele or even users will be more entailed to use your product.